Markets are said to be efficient when a) the markey price equals the marginal coast of producing the last unit sold. b) the marginal benefits of the last unit sold equals the marginal cost of production. c) all gains from trad have been exploited d) no one walks away from the market wishing they could have sold more at the exisiting price. e) all of the above

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Perfect Competition

It is the structure of the market that is said to exist when with many buyers and sellers exchanging similar commodities and its price is fixed by the market forces, demand, and supply, and a single firm cannot cause an impact over the price or market value of the homogenous product. This structure of the market is called perfect competition.